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Buying home if you already have an investment property

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ccruz219 Joined: 07 Sep 2010 Posts: 2 1.45 Dollars($)	Posted: Tue Sep 07, 2010 8:07 pm    Post subject: Buying home if you already have an investment property Like 0 Dislike 0 Can you buy a home if you have an investment property that is being used as a rental? Will they require you to qualify to pay both mortgage payments without consideration of the rental income?
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Tue Sep 07, 2010 8:35 pm    Post subject: Like 0 Dislike 0 Hi ccruz219, welcome to mortgagefit, Quote: Can you buy a home if you have an investment property that is being used as a rental? Absolutely,You can buy 'n' number of homes (I mean unlimited) if you are willing to pay taxes on it.Uncle Sam only wants his pie and you can really own anything in USA. Quote: Will they require you to qualify to pay both mortgage payments without consideration of the rental income? yes,They will ask you to prove that you qualify for both the mortgage payments.(you are well capable to handle both payments) and you can include rental income as income to prove your financial. feel free to ask any other question. dipa
ccruz219 Joined: 07 Sep 2010 Posts: 2 1.45 Dollars($)	Posted: Tue Sep 07, 2010 8:58 pm    Post subject: Like 0 Dislike 0 What did you mean by your 2nd response? If I can use the rental income as proof of my financial, then why do I have to qualify for both payments? Sorry, I'm confused.
jameshogg Joined: 20 Dec 2005 Posts: 10148 Location: Nevada 941.94 Dollars($)	Posted: Wed Sep 08, 2010 1:38 am    Post subject: Like 0 Dislike 0 Hi ccruz, You can buy a home though you've an investment property. Before giving you the mortgage to buy a second property, the lender will check your financial situation. If your financial situation is not sound enough, then you won't qualify for a second mortgage to buy a new home. Thanks
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Wed Sep 08, 2010 2:34 am    Post subject: Like 0 Dislike 0 Hi ccruz219, Quote: What did you mean by your 2nd response? I just wanted to convey that you need to prove to your bank that you are capable to handle both the payments.Then & then only you could be able to keep both the properties. Apart from this,income from rent can be shown in your financial as 'verifiable income'.and can be considered as income source. DIPA
ziac Guest	Posted: Wed Sep 08, 2010 3:23 am    Post subject: Hi there Like 0 Dislike 0 Hi there, I newcomer your blog via Google while searching in the performance of gold medal grant-in-aid representing a heart onslaught and your brief looks really interesting after me

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